Caribbean Cigar Reports Delisting of Securities by Nasdaq.KNOXVILLE, Tenn.--(BUSINESS WIRE)--Nov. 6, 1998-- Company's Securities to Begin Trading on OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. Caribbean Cigar Co. (Nasdaq:CIGR) Friday reported that it was notified by the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. that a Nasdaq Listing Qualifications Panel determined to delist the company's securities from trading on the Nasdaq SmallCap Market effective with the close of business on Nov. 5, 1998. Effective Nov. 6, 1998, the company's common shares will trade on the OTC Bulletin Board under the trading symbol Trading symbol See: Ticker symbol "CIGR." The Listing Qualifications Panel noted that while the company has satisfied all previously cited deficiencies with respect to requirements for an independent director, audit committee, bid price and public float, it believed that the company failed to present a definitive plan which will enable it to comply with the market value of public float, market maker and shareholder requirements. The Panel also noted that it lacked confidence that the company can sustain long term compliance with all requirements for continued listing. Commenting on the decision, J.D. Jenkins, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Caribbean Cigar, stated: "To say that we are disappointed with the determination made by the Nasdaq Qualifications Panel would be a gross understatement. Over the past several months our new management team has worked hard to continue the company's turnaround and ensure that all Nasdaq listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. would be satisfied. We believe the presentation made before the Panel in October clearly outlined the steps new management has already taken to bring the company into compliance. We also believe that we demonstrated to the Panel the manner in which we would take steps to sustain long term compliance. "As a result, we feel that the decision handed down by the Panel is extremely unfair to our company, our management team, and most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , our shareholders. We plan to immediately appeal this decision to the Nasdaq Listing and Hearing Review Council. "In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile ," Jenkins added, "we will press on with our efforts to continue the company's turnaround. Over the past few months, our new management team has made significant strides: trimming expense levels, shoring up distribution and sales, obtaining a settlement in a shareholder litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and restructuring the company's line of credit. Despite this setback, our focus remains on rebuilding growth, profitability and shareholder value." Caribbean Cigar Co. manufactures and distributes Signature Collection (SC)(tm), Calle Ocho(r), Free Cuba(tm), Celestino Vega(r), Rum Runner(r), West Indies Vanilla and Island Amaretto am·a·ret·to n. pl. am·a·ret·tos An Italian liqueur flavored with almond. [Italian, diminutive of amaro, bitter, from Latin am . The company, which was previously based in Miami, recently moved its corporate headquarters to Knoxville and has production facilities in the Dominican Republic. Statements about the company's future expectations and all other statements in the press release other than historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the company's actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements. |
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